Baillieston Credit Union Consumer Duty Implementation Policy

  1. Purpose

The purpose of this Consumer Duty Implementation Policy is to outline Baillieston Credit Union's commitment to the fair treatment of its members, ensuring transparency, accountability, and the protection of consumer interests in all interactions.

  1. Scope

This policy applies to all volunteers, staff, and management involved in any aspect of Baillieston Credit Union's operations.

  1. Principles

Baillieston Credit Union is committed to the following principles in the implementation of consumer duty:

  1. Fairness and Transparency: Members will be treated fairly, and all information regarding products, services, and terms will be presented transparently.
  2. Reasonable Care: Baillieston Credit Union will exercise reasonable care to avoid any harm to members, ensuring that products and services are suitable for their needs.
  3. Clear Communication: Clear and effective communication will be maintained with members, providing them with the information they need to make informed decisions.
  4. Compliance with Applicable Laws and Regulations

Baillieston Credit Union will comply with all relevant laws and regulations related to consumer protection, ensuring that its operations are in line with the highest ethical standards.

 

  1. Product and Service Suitability

Baillieston Credit Union will assess the suitability of its products and services for each member, considering their financial circumstances and needs.

  1. Complaints Handling

A robust complaint handling process will be in place to address member concerns promptly and fairly. Members will be informed of the process and have access to a clear channel for submitting complaints.

  1. Training and Awareness

All volunteers, staff, and management will receive training on the principles of consumer duty, ensuring that they are well-equipped to uphold these standards in their interactions with members.

  1. Monitoring and Review

Baillieston Credit Union will regularly monitor its operations to ensure compliance with this policy. Periodic reviews will be conducted to assess the effectiveness of the policy and make necessary updates.

  1. Continuous Improvement

Baillieston Credit Union is committed to continuous improvement in its consumer duty practices. Feedback from members and lessons learned from any incidents will be used to enhance policies and procedures.

  1. Communication of Policy

This policy will be communicated to all stakeholders, including members, volunteers, staff, and management. It will be readily accessible on the credit union's website and provided upon request.

  1. Review and Approval

This Consumer Duty Implementation Policy will be reviewed annually and updated as necessary. Approval for any changes will be sought from relevant stakeholders.